According to a recent study by the website CareerBuilder, translation and interpretation services are turning quickly into the fastest-growing industry in the United States by job growth. The report collected data from more than 90 official sources and estimated that the industry would add more than 12,000 jobs between 2014 and 2019. In addition to that, The U.S. Bureau of Labor Statistics expects a 46 percentage growth in translation job market between 2012 and 2022. It is significantly higher increase than the 11 percent average growth for all other careers.
Common Sense Advisory calculates that the language services market is still growing at an annual rate of above 12%. This stable current growth rate is positive news. Our estimates show stable double-digit growth rates for the language services industry all the way to 2022. The data also show that Europe and Asia is showing higher growth than North America.
The translation market is not heavily affected by recessions. However, it is a very fragmented market, with government and military contractors as the biggest clients. According to a report by IbisWorld, translation services are expected to keep on growing and reach $37 billion in 2018. The most important reason for this growth is globalization. Machine translation and other computer-assisted translation software will learn and get better and better in future resulting in better translation services and efficiencies.